ABN Amro Holding NV said chief executive officer Rijkman Groenink will step down after Royal Bank of Scotland Group PLC and its partners won shareholder backing to take over the biggest Dutch bank.
Mr. Groenink, 58, will step down when ABN Amro holds an extraordinary shareholders meeting, the Amsterdam company said in an e-mailed statement Wednesday. The bank will announce the date and agenda for the meeting "as soon as possible," it said.
ABN Amro shareholders seized on a $102 billion offer by the group this week after spurning a lower bid agreed upon six months ago with Barclays PLC. Mr. Groenink, who initially sought to fend off the Royal Bank-led plan to dismantle ABN Amro, conceded on July 30 that he could no longer recommend Barclays's bid over the "financially superior" alternative.
Under Mr. Groenink, ABN Amro spread from the Netherlands to Italy, the United States, and Brazil, employing 110,000 people in 53 countries.
"In April, the bank wholeheartedly embraced a merger with our partner of choice. Shareholders have now chosen the consortium's offer," Mr. Groenink said in Wednesday's statement. "That is why it is appropriate for me to make way for a successor who is willing and able to execute the consortium's plan."
